You can build up your own or your loved ones’ retirement savings by topping up the CPF account in cash. Other than letting your savings grow along with attractive interest rates, you and your loved ones will also receive higher monthly payouts during retirement!

Attractive interest rates

Attractive interest rates of up to 5% p.a. on savings in the Special Account, and up to 6% p.a. on savings in the Retirement Account

Ordinary Account (OA)

Special and Medisave Accounts (SA & MA)

Retirement Account (RA) (From 55)

Ordinary Account (OA)

Special and Medisave Accounts (SA & MA)

Retirement Account (RA) (From 55)

Additional 1% Extra Interest

From 55 years old on the first $30k of combined CPF balances(up to $20k from OA)

1% EXTRA INTEREST

On the first $60k of combined CPF balances (up to $20k from OA)

Tax relief for cash top-ups

Enjoy tax relief of up to $14,000 a year for cash top-ups made up to the Full Retirement Sum to yourself and your loved ones

DOLLAR-FOR-DOLLAR TAX RELIEF FOR:

Cash top-ups for yourself:up to $7,000 yearly

Cash top-ups for your loved ones: up to $7,000 yearly

Build up your savings and receive lifelong monthly payouts with CPF LIFE

As people enjoy higher life expectancies, ensuring you have a stream of lifelong income to meet your retirement needs becomes increasingly important. This is where CPF LIFE, an annuity scheme, comes into play. It provides you with a monthly payout for life, so you won’t have to worry about outliving your savings.

If you were born in 1958 or after, and have at least $60,000 in your Retirement Account six months before reaching your payout eligibility age, you will be automatically placed on CPF LIFE. If you have lower savings or are born before 1958, you can also opt in to join the scheme any time before age 80.

By building up your own or your loved ones’ retirement savings with CPF transfers and cash top-ups, you can secure higher payouts for life!

3 Facts to help you understand annuities better

An annuity is a type of life insurance policy, usually purchased to provide
for retirement needs.

It works by providing a stream of regular monthly income,
payable to you upon retirement.

This regular income is payable until death so the longer you live,
the more you will receive.

Get higher payouts in retirement by building up your CPF savings early

It's always the right time to take action. With interest rates starting from 4% p.a. on savings in the Special and Retirement Accounts, every dollar you save in there will be growing year after year. And the earlier you make cash top-ups, the more you stand to gain from the compound interest over time!

What's more, the first $60,000 in your combined CPF savings also earns a 1% p.a. extra interest, helping your savings grow even faster. And if you're 55 and above, you'll also earn another 1% p.a. additional extra interest on the first $30,000 of your combined savings. How's that for a good deal?

YEAR 1+4%interest

YEAR 10+4%interest

YEAR 20+4%interest

YEAR 1+4%interest

YEAR 10+4%interest

YEAR 20+4%interest

Terms & Conditions

You can make cash top-ups to your parents, parents-in-law, grandparents, grandparents-in-law, spouse and siblings, and get tax relief of up to $7,000 a year. Tax relief is not available for cash top-ups to others.

To qualify for tax relief for top-ups made to your spouse or siblings, they must:

Not have earned more than $4,000 in the last year OR

Be handicapped

Only cash top-ups up to the Full Retirement Sum will be eligible for tax relief

For recipients below 55: Cash top-ups will be added to the Special Account

For recipients above 55: Cash top-ups will be added to the Retirement Account

Monies received from CPF transfers and cash top-ups are meant for retirement needs and will be streamed out as monthly retirement payouts. It cannot be used for other purposes such as education, investment, insurance premium payments, housing, be withdrawn via a property with sufficient CPF property charge or pledge or used to make CPF transfers to other recipients.

There is a personal income tax relief cap of $80,000, applicable from Year of Assessment 2018. This cap applies to the total amount of all tax reliefs claimed, including any relief on cash top-ups made to CPF. When you make top-ups from 1 January 2017, you should consider the $80,000 overall relief cap and evaluate whether you would benefit from tax relief on your cash top-ups and make an informed decision accordingly.